I hate to sound like a telemarketer, but do you want to save money? If the answer is yes, then consider refinancing your mortgage today. It seems so elementary, I know. But I’ve been after my husband to refinance our property for about five months now, and trust me, tasks like this can slowly slip down your priority list.

Refinancing is high on my to-do list because a lower mortgage payment will ultimately help support our future financial goals, help pay down our debt and save money every month. But as the saying goes: Different strokes for different folks meaning everyone has their own reasons to refinance.

Most often, people seek a lower mortgage payment. Although it may only save $100 to $200 a month, the savings can equate to thousands over the life of your mortgage. The lower payment is the result of a lower interest rate. Current rates are hovering around 3.5% for a 30-year fixed mortgage. Locking in a lower interest rate is a smart way to ensure that your rate doesn’t increase. So if you’re currently at a higher rate, then a refi is definitely something worth considering.

Others look to refinance to cash out their home equity. Some seek cash for home improvements while others look to use the money to start a business or buy investment property. It’s also a good way to pay down high-interest debt. Despite your plans, there is value in your reason to cash out your equity. And refinancing makes that possible.

Another great reason to refi is to lock in a fixed rate if you currently have an adjustable-rate mortgage. Chances are your adjustable rate won’t stay low forever, so for some it’s a proactive move for the future.

If you think you can’t refi because you owe more than your home is worth, consider the Home Affordable Refinance Program (HARP) if:

You purchased your home on or before May 31, 2009.

Your current loan-to-value ratio is greater than 80%.

You are current on your mortgage.

Your mortgage is backed by Fannie Mae or Freddie Mac.

You haven’t participated in HARP previously.

Tahnee Horne and her husband Shaun have lived in their Romulus, Mich., home for six years and they are currently looking into refinancing. Her sentiments summed this topic up nicely.

“It’s very simple; we just want a lower monthly payment. With a family of four, we can definitely find other ways to use that extra money every month,” Horne said.

We're not the only ones that think that you don't need to wait for rates to bottom out before you refinance your mortgage. Check out what the Washington Post had to say about why it might not be necessary to wait for rates to "bottom out" before you refinance.

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